Gig Harbor home sales follow western trend

By
Real Estate Agent with Windermere Real Estate Gig Harbor

Gig Harbor home sales follow western trend

Nationally home sales rose 21% and in the West 10% in October, compared to a year ago. Gig Harbor home sales were up slightly less--8% from 2008.

These numbers are certainly an improvement but October 2008 was a sobering sales month after the financial crises of AIG, Lehman, and others. November 2008 was even worse but this year Gig Harbor home sales are on track to beat 2008 by at least 25%.

 The median price is up in 98333 and 98335 from September, an improvement from the year-over-year figures. We are cautiously optimistic we have reached the bottom for prices for Gig Harbor home sales as we are seeing some higher price sales currently. Another month of similar figures and we might call it a trend.

Here are current trends for the three zip codes constituting Gig Harbor.

 

 

 

98332

 

 

98333

 

 

98335

 

 

 

 

Oct 09

 

 

Oct 09

 

 

Oct 09

 

 

 

change

 

 

change

 

 

change

Inventory

 

 

 

 

 

 

 

 

 

Oct 09

 

259

 

 

77

 

 

300

 

Sep 09

 

280

7.5%▼

 

80

3.7%▼

 

332

9.6%▼

Oct 08

 

262

1.1%▼

 

79

2.5%▼

 

394

23.9%▼

 

 

 

 

 

 

 

 

 

 

Sold

 

 

 

 

 

 

 

 

 

Oct 09

 

18

 

 

2

 

 

19

 

Sep 09

 

26

30.8%▼

 

2

No change

 

32

40.6%▼

Oct 08

 

13

38.5%▲

 

1

100%▲

 

22

13.6%▼

 

 

 

 

 

 

 

 

 

 

Median price

 

 

 

 

 

 

 

 

 

Oct 09

 

392,000

 

 

326,000

 

 

380,000

 

Sep 09

 

401,000

2.4%▼

 

307,000

5.6%▲

 

375,000

1.4%▲

Oct 08

 

300,000

23%▼

 

377,000

13%▼

 

352,000

8.4%▼

 Inventory is down across all three zip codes. Fewer homes on the market equates to upward price pressure for Gig Harbor home sales.  In zip 98335 where inventory shows the biggest decrease, the ratio for 12 months of sales compared to current inventory is 87%, but in Fox Island the ratio is 52%. This is largely explained by more higher-priced homes-view and waterfront-on the island.

 Sales are up 8% across the board for the year but down 35% from September, not surprising going into winter. The gain in 98332 represents Canterwood breaking out of the doldrums as well as homes selling for $350-400,000, including four builder's houses with multiple offers in short sale conditions.

The "sweet spot" for Gig Harbor home sales currently is pending contracts not yet closed, listed between $300-400,000 in Gig Harbor North and Arletta/Artondale. For the most part, these are 2600-2800 square foot homes built between 1992 and 1998.

In Gig Harbor, as the nation, foreclosures and other distressed homes in the lower end of the price spectrum still accounted for a large percentage of Gig Harbor home sales. This is a drag on the median price which is down about 38% from the 2005 peak in the West but up 8% from the bottom last spring.

 Buyers, waiting for the bottom, should consider ramping up their home search, as the inventory of certain price range homes is very slim locally. With the expanded $6500 credit incentive for existing homeowners who have lived in their home for at least five years, and interest rates under 5%, the time to buy could be NOW.

Carole Holmaas is an Associate Broker at Windermere Real Estate, licensed since 1967. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com. Her blog is posted at http://blog.ISellGigHarbor.com.

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Washington Pierce County Gig Harbor
Groups:
Activerain MLS Online
Puget Sound - WA Real Estate
South Puget Sound
Tags:
gig harbor home sales
home sales gig harbor

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
8,918

Carole Holmaas

Ask me a question
*
*
*
*
Spam prevention